India’s Wedding Boom: Rs 4.25 Lakh Crore to Be Spent in Next Two Months

A report by PL Capital-Prabhudas Lilladher estimates that India will spend Rs 4.25 lakh crore on 35 lakh weddings planned from November to mid-December. The reduction in gold import duty and promotion of India as a wedding destination are expected to drive this economic surge.

According to a recent report by PL Capital-Prabhudas Lilladher, India is set to spend a staggering Rs 4.25 lakh crore on 35 lakh weddings scheduled between November and mid-December. This is an increase from 32 lakh weddings during the same period in 2023.

The report, titled "Band Baaja Baarat & Markets," highlights the impact of the recent cut in import duty on gold, which is expected to fuel substantial spending during the festive and wedding season. With gold import duties reduced from 15% to 6%, a significant rise in gold purchases is anticipated nationwide, especially during the upcoming celebrations.

Drawing from a survey by the Confederation of All India Traders (CAIT), the report notes that from January 15 to July 15, over 42 lakh weddings took place in India, with an estimated expenditure of Rs 5.5 lakh crore. The forthcoming 35 lakh weddings will further contribute approximately Rs 4.25 lakh crore. This spike in consumer spending is expected to boost sectors such as retail, hospitality, and automobiles, benefiting the Indian economy.

Furthermore, the government's initiative to promote India as a premier wedding destination by identifying 25 key sites is likely to increase foreign exchange inflows. By showcasing India's diverse wedding venues, the initiative aims to capture around USD 12.1 billion (INR 1 lakh crore) currently spent on foreign destination weddings.

(With inputs from agencies.)